South Korea December import price growth slowest in 21 months

SOUTH Korea’s import prices rose at their slowest pace in 21 months in December, as the local won currency strengthened and oil prices fell, implying weakening pressure on consumer inflation.

The prices of the country’s imports stood 9.1 per cent higher in December than a year ago, in terms of the won currency, compared with 14.0 per cent in November and a near 14-year high of 36.5 per cent in May, central bank data showed on Friday (Jan 13). It marked the slowest annual rise since March 2021.

Those of exports also rose at a slower rate of 3.1 per cent, down from 8.3 per cent in the previous month, and marked the slowest since February 2021, also affected by a stronger won.

In December, the dollar/won exchange rates were on average 5.0 per cent lower than in November, while Dubai oil prices were 10.5 per cent lower, according to the Bank of Korea. REUTERS